Slide 1: Q1 2026 Investor Conference Call
Q1 2026 Investor Conference Call May 8, 2026
Slide 2: Caution regarding forward-looking statements
Caution regarding forward-looking statements Today’s discussion may contain forward-looking statements, including statements relating to our objectives and our strategies to achieve those objectives, our 2026 targets, our expectations regarding trends in the telecommunications industry (including de
Slide 3: Delivering on our consistent execution track record
Delivering on our consistent execution track record ● Industry-leading first quarter total customer growth of 262,000, driven by sustained demand for our premium bundled services nationally ● Delivered continued positive mobile network revenue growth of 1%, reflecting ongoing ARPU improvement ● Cons
Slide 4: Mobility and fixed operating results
Mobility and fixed operating results Q1 2026 Mobile phone ARPU $56.56 (-1.0% y/y) Mobile phone churn 1.35% Mobile phone net adds +12,000 Connected device net adds +229,000 Internet net adds +21,000 Demonstrated disciplined execution with a continued commitment to profitable customer growth and custo
Slide 5: AI-enabling capabilities
1 AI-enabling capabilities 3-year revenue estimate ~$2 billion CAGR: >30% ~$800 million 2025 2028E 1 See appendix for more details. In Q1 2026, our AI-enabling capabilities revenue increased 22%. Our AI-enabling revenue is expected to increase to approximately $2 billion in 2028, at a CAGR of more t
Slide 6: Connecting people through our globally unmatched networks
Connecting people through our globally unmatched networks ● Connecting over 3.7 million premises to leading fibre technology, and 5G covering over 90% of the Canadian population ● Bridging digital and socio-economic divides by delivering world-leading connectivity to rural and Indigenous communities
Slide 7: Leading the world in social capitalism
Leading the world in social capitalism ● Kicking off our annual TELUS Days of Giving in May - marking over 20 years of our authentic giving in action ● Contributing $1.85 billion in cash, in-kind contributions, time and programs since 2000, including 2.5 million days of volunteerism – more than any
Slide 8: Financial Results
Financial Results
Slide 9: TELUS technology solutions
TELUS technology solutions Q1 2026 Mobile network revenue $1.8 billion +1% y/y Fixed data services revenue $1.2 billion +1% y/y Adjusted EBITDA $1.7 billion —% y/y Adjusted EBITDA margin1 44.4% +0.8 pts 1 This is a non-GAAP ratio that does not have any standardized meaning prescribed by IFRS Account
Slide 10: TELUS health
TELUS health Q1 2026 Operating revenues (arising from contracts with customers) $523 million +11% y/y Adjusted EBITDA $93 million +11% y/y Adjusted EBITDA less capital expenditures $40 million —% y/y Healthcare lives covered1 169.6 million n/m 1 During the second quarter of 2025, we added 79.3 milli
Slide 11: TELUS digital experience
1 TELUS digital experience Q1 2026 Operating revenues (arising from contracts with customers) $694 million (3)% y/y Adjusted EBITDA $81 million +2% y/y Adjusted EBITDA less capital expenditures $44 million +13% y/y 1 Subsequent to TELUS Corporation’s acquisition of the TELUS International (Cda) Inc.
Slide 12: Consolidated
Consolidated Q1 2026 Operating revenues $5.0 billion (1)% y/y Adjusted EBITDA1 $1.8 billion —% y/y Cash provided by operating activities $1.1 billion (3)% y/y Free cash flow1 $583 million +19% y/y Capital expenditures $651 million +11% y/y 1 These are specified financial measures. For quantitative r
Slide 13: 2026 financial targets
2026 financial targets Consolidated Service revenues1 Growth of 2 to 4% Consolidated Adjusted EBITDA Growth of 2 to 4% Consolidated free cash flow 10% growth Approximately $2.45 billion Consolidated capital expenditures 2 10% decrease Approximately $2.3 billion 1 2026 target for Consolidated Service
Slide 14: Strong balance sheet and liquidity position
Strong balance sheet and liquidity position ● Weighted average cost of long-term debt of 4.77% ● Average long-term debt term to maturity of 14.8 years ● Available liquidity1 of approximately $3.1 billion ● $2.75 billion syndicated credit facility expiring August 2030 ● Net debt to EBITDA of 3.5x for
Slide 15: Focused capital allocation supports long-term value creation
Focused capital allocation supports long-term value creation ● Strong FCF Outlook: ≥10% CAGR (2026-2028) underpins deleveraging and dividend sustainability consistent with 60-75% payout target ● Clear Deleveraging Roadmap — Ahead of Plan: 3.3x or lower (end FY26) → 3.0x or better (end FY27) to optim
Slide 16: Questions?
Questions? Investor relations 1-800-667-4871 telus.com/investors IR@telus.com
Slide 17: Appendix: Key definitions
Appendix Key definitions AI-enabling capabilities includes TELUS Digital, including data and AI strategy and implementations, digital product experiences and growth marketing, and CX contact center technologies and other enterprise platform modernization, alongside data annotation, collection and va
Slide 18: Let's make the future friendly, together.
Let’s make the future friendly, together.